Simplified procedure for obtaining a residence permit for foreigners investing in the Russian economy
Pursuant to the State Migration Policy Concept of the Russian Federation for 2019–2025, the Ministry of Economic Development developed the Draft Federal Law “On amending the Federal Law “On Legal Status of Foreign Nationals in the Russian Federation”” (hereinafter referred to as the Draft Law), aimed at increasing the investment appeal of Russia and creating additional favorable conditions for investing and doing business in the Russian Federation.
- The Draft Law provides an opportunity for a foreign citizen (as well as his/her family members), who have made investments in the Russian Federation in accordance with certain criteria, to obtain a residence permit in the Russia under a simplified procedure without obtaining a temporary residence permit.
A foreign citizen will be recognized as a foreign investor if one of the following conditions is met:
- ownership of a contributing share of at least 15 million rubles in the authorized (pooled) capital of a Russian legal entity operating in the Russian Federation
- availability of at least 10 million rubles in a bank account for doing business in the Russian Federation. After 30 days from the date of issuance of the residence permit, the investor must confirm his/her registration as an individual entrepreneur, and after a year from the above date, employ at least 10 citizens of the Russian Federation, 7 of which must be employed by the main activity of the individual entrepreneur.
- acquisition of new property for any purpose in the territory of the Russian Federation with a cadastral value of at least 30 million rubles. Main condition: continuous ownership of such property for at least 3 years prior to the date of applying for a residence permit
- establishment of a foreign legal entity with a contributing share of at least 50 million rubles in the authorized (pooled) capital of a Russian legal entity operating in the Russian Federation for at least 3 years
- purchase of government securities in the amount of at least 30 million rubles and their continuous ownership for at least 3 years prior to the date of applying for a residence permit
- investments in the amount of at least 15 million rubles in a Russian legal entity operating in the Russian Federation for at least 3 years. In such event, the amount of taxes and fees paid must be at least 6 million rubles, or such legal entity must confirm the employment of at least 25 citizens of the Russian Federation in the calendar year preceding the year during which the foreign citizen applied for a residence permit.
As of now, the Draft Law has not yet been submitted to the State Duma for consideration; however, it is clear ass that the Government is actively taking steps to improve the investment climate in Russia.